New Investment Adviser

Acorn Income Fund Ld
6 July 2000

ACORN INCOME FUND LIMITED

The Company's smaller company investment adviser has changed with effect from
1 July 2000 from Granville Baird to Unicorn Asset Management.  This follows
the buyout of the smaller company fund management business of Granville Baird
by Peter Webb and his team through a newly established company, Unicorn Asset
Management.